DTN Midday Grain Comments 01/30 10:54

DTN Midday Grain Comments 01/30 10:54 Corn, Soybean and Wheat Higher at Midday Tuesday Corn trade is 3 to 4 cents higher. Beans are 13 to 15 cents higher and wheat trade was 1 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 2 points lower. The dollar index is 10 points lower. The interest rate products are firmer. Energies have crude up 1.00 and natural gas is .03 higher. Livestock trade is mostly firmer. Precious metals are firmer with gold 6.40 higher. CORN: Corn trade is 3 to 4 cents higher at midday with trade scoring a fresh low fractionally before firming back into the day session with trade moving back into the middle of the range once again. Ethanol blender margins need to see unleaded hold gains as driving demand slowly recovers ahead of spring demand with flat action this morning while corn and natural gas firm a bit to press producer margins. South American weather pattern remains in line with recent days with some relief expected for the areas with recent dryness towards the end of the forecast. The daily wire was quiet again today. Basis will likely flatten out as the weather improves this week. On the March chart, the 20-day at $4.51 is nearby resistance with the lower Bollinger Band at $4.34 3/4 just below the $4.36 1/2 fresh low as support. SOYBEANS: Soybean trade is 13 to 15 cents higher at midday with trade bouncing off fresh lows scored again overnight with meal leading the product complex as oil reverses off fresh lows as well. Meal is 6.00 to 7.00 higher and oil is 10 to 20 points higher. The have been some bean cargos into the southeast U.S. for crushing as well with cheaper freight and rising availability. The short-term weather pattern in South America keeps some stress to the south with relief expected soon while the north continues to see better weather. The daily wire was quiet again today. Basis should remain flat short term. The March soybean chart has resistance at the 20-day moving average at $12.32. The $11.87 1/4 fresh low is nearby support with the lower Bollinger Band below the market at 11.86. WHEAT: Wheat trade is 1 to 7 cents higher with trade able to firm from early weakness again with KC action leading as the front month inverses deepen. The Plains will continue to shed snow cover with the warmer weather into midmonth. Matif wheat has scored fresh lows again with light selling continuing while the dollar fades a bit off the highs. On the KC March chart, resistance is at the 20-day moving average at $6.19 which we are just above at midday. Support is the Lower Bollinger Band at $5.97. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.